Newsom’s a tool, but it’s very obvious why this is the line he’s walking. And it’s not to pull one over on his constituents.
He’s pushing for a Federal tax over a state one is because a state one will just push billionaires to other states. Billionaires are certainly not stopped by a state line, a law without teeth is just theater.
We absolutely need a federal wealth tax, along with consequences for individuals and corporations that flee to international tax havens.
In other words, it’s just bad tax policy, hard to track and introduces administrative burden, and encourages further obfuscation. Alternative: Income tax reform is a better solution.
Relocation of billionaires is a good thing if nothing else to kill their credibility that they in any way shape or form give a fuck about this country. Secondarily it also makes them easier to sanction.
It looks like your information was sourced from the Tax Foundation, which apparently has a murky history of cherry picking economic data to solely support business-conservative causes in Europe. The Reception section of their Wikipedia page will get you started on how much to trust them for accurate analyses. Just FYI.
California already taxes high earners more than any other state. I think the idea that a further wealth tax (which I wholeheartedly support) would be more easily avoidable at the state level.
I have no doubt Newsom is speaking from both sides of his mouth on a difficult political problem for him, but all else being equal a federal wealth tax is a better idea than a state one.
In theory a federal one is better but it’s unrealistic. It’s going to be hard enough getting a state wealth tax passed, it’s essentially impossible to get a federal one passed. For that to happen you’d need to give Democrats complete control of both houses of Congress and the presidency, and even then it would be a struggle. With Republicans in control of anything it’s a complete pipe dream. So rather than going for the perfect solution that isn’t going to happen anytime soon it’s better to go for the imperfect one that has a good chance of actually happening.
Paying federal tax does not exempt anyone from state tax… This is insulting believing Californians would ever fall for this.
Some states don’t have any state income taxes.
Newsom’s a tool, but it’s very obvious why this is the line he’s walking. And it’s not to pull one over on his constituents.
He’s pushing for a Federal tax over a state one is because a state one will just push billionaires to other states. Billionaires are certainly not stopped by a state line, a law without teeth is just theater.
We absolutely need a federal wealth tax, along with consequences for individuals and corporations that flee to international tax havens.
I don’t know about you, but I take comfort in that.
CORRECT! A ONE TIME Tax is going to ANNIHILATE the
Major Taxpayers!Major Job Creators!People who pay the least tax while taking the MOST Welfare!I’m not claiming it will. I’m claiming that California has no means to enforce it.
Historical consequences of a wealth tax:
In other words, it’s just bad tax policy, hard to track and introduces administrative burden, and encourages further obfuscation. Alternative: Income tax reform is a better solution.
Relocation of billionaires is a good thing if nothing else to kill their credibility that they in any way shape or form give a fuck about this country. Secondarily it also makes them easier to sanction.
It looks like your information was sourced from the Tax Foundation, which apparently has a murky history of cherry picking economic data to solely support business-conservative causes in Europe. The Reception section of their Wikipedia page will get you started on how much to trust them for accurate analyses. Just FYI.
I encourage you to provide a list of countries where it isn’t repealed and is effectively working.
California already taxes high earners more than any other state. I think the idea that a further wealth tax (which I wholeheartedly support) would be more easily avoidable at the state level.
I have no doubt Newsom is speaking from both sides of his mouth on a difficult political problem for him, but all else being equal a federal wealth tax is a better idea than a state one.
In theory a federal one is better but it’s unrealistic. It’s going to be hard enough getting a state wealth tax passed, it’s essentially impossible to get a federal one passed. For that to happen you’d need to give Democrats complete control of both houses of Congress and the presidency, and even then it would be a struggle. With Republicans in control of anything it’s a complete pipe dream. So rather than going for the perfect solution that isn’t going to happen anytime soon it’s better to go for the imperfect one that has a good chance of actually happening.
Hell, even with both houses and the president there still SCOTUS to deal with.